Shareholder Returns and Investment Plan
（Management Plan「Denka Value-Up」 / fiscal 2018～2022）
Following the completion of the Denka100 management plan, the final year of which is fiscal 2017, Denka will
implement “Denka Value-Up,” a new management plan that will reinforce its operating base over a five-year course
beginning in fiscal 2018 with the aim of enhancing corporate value and ensuring sustainable growth.
In line with our policy on shareholder returns as described below, we seek to steadily return profits yielded by
initiatives executed under our management plan to shareholders while allocating a portion of such profits to such
strategic investments as M&A for further growth. We will thereby strive to ensure our financial soundness in
addition to maximizing shareholder returns and the resources available for forward-looking strategic investments.
Shareholder Returns
We aim to achieve a total shareholder return ratio of 50%.
(Total shareholder return ratio = (cash dividends + shares repurchased) / net income attributable to owners of
the parent for the fiscal year)
In addition, we focus on maintaining the stable payment of cash dividends while flexibly carrying out share
repurchases by giving due consideration to such factors as a trend in stock prices.
Investment Plan
We will invest a total of ¥200 billion over a five-year period.
Of this, strategic investment: ¥75 billion (¥15 billion/year)
M&A, etc.: ¥60 billion
Process reforms: ¥15 billion
Regular investment: ¥125 billion (¥25 billion/year)